The Metropolitan Council in partnership with Hennepin County has set legalities in motion to resolve the current funding deficit for the Green Line Extension Light Rail Transit Line.
The two entities have collaborated for several months to define funding sources and reach a resolution to close the remaining funding gap. A funding agreement has been reached where the Met Council and County will share equally in funding the gap in capital and startup costs.
The funding agreement has the Metropolitan Council responsible for the startup costs prior to the line opening and contributing 45% of the funds needed to complete the capital construction of the project, which is slatted for completion in 2027.
The Metropolitan Council’s share will reportedly come primarily from federal capital formula program funds the next three years. Hennepin County will provide 55% of the capital costs from their transit sales tax.
A new project budget will be sent to the Federal Transit Administration (FTA) and should be adopted early next year (2024) following an FTA financial review of the project. The funding agreement is subject to approval by both the Metropolitan Council and the Hennepin County Board.
